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HDFC Securities Institutional Equities
Mindtree Ltd. will merge into Larsen and Toubro Infotech Ltd. to form the amalgamated entity ‘LTIMindtree’ in a deal that has been widely speculated and hinted at earlier by the parent Larsen and Toubro Ltd.
The transaction closure is expected in nine to 12 months, with a swap ratio of 73 shares of L&T Infotech for every 100 shares of Mindtree and L&T will hold 68.7% of the combined entity.
Debashis Chatterjee (Mindtree’s Chief Executive Officer) will head LTIMindtree and Sanjay Jalona (L&T Infotech’s CEO) has resigned.
The combined entity has a revenue of $3.5 billion, profit after tax of $530 million, cash of nearly $1 billion, and headcount of 82,000.
Over the past year, both entities have been in sync or converged – on growth, margin, valuations, and even attrition.
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